The NY Times puts it very well this is a Turbo IPO for T-Mobile. It solves a variety of problems for T-Mobile. As you know they were forced to be left at the altar by the FCC when they tried to merge with ATT.

There are people suggesting that Sprint would come in to acquire MetroPCS out from under DT, but I have to think that Sprint has too much on its plate already.

So what are the assets that MetroPCS has that makes them a target for anyone. The big answer is that their LTE roll out has made them a great marketing story and while ATT and VZ keep looking for a pricing model that caps the throughput, MetroPCS has been a flat rate no promises strategy.

That does fit nicely with T-Mobile and with Sprint.

However, T-Mobile has a very motivated parent that wants to cash out. In someways this resembles the making of Clearwire by Sprint.

In the structure of the deal is a way to IPO T-Mobile that gives the existing MetroPCS share holders a good stake and also sets a price for the value of T-Mobile in a way that gets past a lot of today's IPO jitters.

Now the Altar has been problematic in the wireless space for a while now with LEAP looking to be acquired by MetroPCS for as long as I can remember.

LEAP is the "Cricket" parent that made alot of noise a few years back but now seems to be suffering from the silence in the light of day that makes acquisition hard.

If T-Mobile does acquire MetroPCS, my guess is we will have a rush on MetroPCS contracts with the hope of grand fathering them into the mix, otherwise the aging of Americans, over 40 seems likely as the pricing model.